- 學位論文
盈餘管理與報酬關係之研究─以宣告贖回可轉換公司債為例
A Study of associative between the Earnings Management and Stock Return the Case of Convertible Bond Call Announcement
摘要
本文是以可轉換公司債為例，研究盈餘管理與股價報酬之關係也進一步去探討公司經營績效之優劣。研究的目的分別為：1、宣告贖回可轉換公司債前，是否進行盈餘管理？ 2、宣告贖回可轉換公司債前後，股價短期累積報酬率是否會出現顯著變化？ 3、宣告贖回可轉換公司債後，公司營運績效是否會呈現衰退現象？ 在我國過去的研究文獻中對於宣告贖回可轉換公司債的結果曾提到“企業發行的可轉換公司債大多數因轉換完畢而下市，以宣告贖回結束的可轉換公司債相對較少。” 而本研究也確實發現對於宣告贖回可轉換公司債與盈餘管理的研究文獻中國內的研究相對較少，因此本文的研究主題應該是個新的開拓也是好的開端。 本研究採實證研究方式進行，樣本及data係取材自台灣經濟新報資料庫及公開資訊觀測站等資訊媒體。研究方法分別以事件研究法及迴歸分析做為研討分析的基礎。本研究結論分為三方面說明如下：1.公司於宣告贖回可轉換公司債前，從盈餘、營運活動現金流量及可裁量性應計項目等三方面的敘述統計分析，說明公司在宣告贖回可轉換公司債前皆存在操作盈餘管理的現象。2.宣告贖回可轉換公司債前盈餘管理情形與宣告贖回可轉換公司債後股價報酬率呈現負相關的現象。3.宣告贖回可轉換公司債前之可裁量性應計項目與宣告贖回可轉換公司債後股東權益報酬率呈反向關係，也就是說公司在宣告贖回可轉換公司債前操作可裁量性應計項目，導致宣告贖回可轉換公司債後盈餘及股東權益報酬率也隨之下跌。
並列摘要
The present study aims at investigating the relationship between earnings anagement and stock returns in the case of convertible bonds. To further evaluate the efficiency of firm management, the purpose of the study is threefold. Previous to announcing the redemption of convertible bonds, is it necessary to perform earnings management? Prior to and subsequent to these announcements, are there any significant differences in short-term stock returns? Following these announcements, is there a decline in the efficiency of firm management? In the literature regarding convertible bonds, most of the convertible bonds would cease marketing due to the termination of conversion; of which, however, it was found the cases that had announced the end of redemption were relatively fewer. In addition, it was also discovered that research concerning the relationship between the announcement of redeeming convertible bonds and earnings management is scarce. Therefore, the present study is of pioneering significance. In the study, data were collected from Equity Database of TEJ and related public information media. A total of 77 firms were examined and analyzed on the basis of regression procedures. It was found that before the announcement of redeeming convertible bonds, in terms of Earnings, Cash Flows and Discretionary Accruals, the descriptive analyses showed that previous to announcements, measures of earnings management were prevalent. Moreover, there was a negative correlation between earnings management prior to announcements and stock returns subsequent to announcements. In addition, there was a negative correlation between Discretionary Accruals previous to announcements and returns for stockholders following announcements. In other words, the operation of Discretionary Accruals prior to announcements might result in a slump in earnings and returns for stockholders after announcements.